London — European stocks edged up on Wednesday as a record high for US stocks outweighed simmering worries over a resurgence in coronavirus cases that could undermine a nascent recovery.
But oil and gas, utilities and mining shares weighed, with BP and Royal Dutch Shell losing around 0.6% as crude prices fell on worries about demand and rising Covid-19 cases in Europe. Money has poured into US growth stocks — the tech giants and retail titans that have benefited most from the recovery — as investors worry that in the absence of a vaccine a rise in coronavirus cases could further hurt “value” shares.
The benchmark S&P 500 surpassed its February all-time high, hit just before the onset of the Covid-19 pandemic pummeled stocks to lows on March 23. It has surged about 55% since those lows, fueled by monetary stimulus packages even as alarm bells ring over the underlying health of the economy and negotiations over fiscal stimulus in Washington drag on.
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